by By Michael J. Shapiro | September 09, 2009

The Siegel Group Nevada, a commercial real estate and business development company, has purchased the ailing 150-room St. Tropez Hotel for $10.5 million. The all-suite hotel, across from the Hard Rock Hotel & Casino near the Las Vegas Strip, had been closed earlier this summer. The new owners intend to reopen the property within the next 30 days and resolve maintenance issues within the next two months. Over the next eight months, the Siegel Group intends to renovate and modernize the facilities. Long-term plans are to convert the St. Tropez to a high-end boutique property, with the possible addition of a restaurant, a bar, an outdoor events center, a nightclub, an outdoor yoga studio and more.